Singapore: Insurtech startup Axinan closes Series A led by NSI Ventures

The Axinan team. Photo: Axinan website

Singapore insurtech startup Axinan has closed a Series A financing round led by NSI Ventures. The round was joined by existing investor Linear Ventures and other backers, according to an announcement.

Financial terms of the Series A financing round were not disclosed.

Axinan said it will use the proceeds to fund its regional expansion, build new partnerships, invest in research & development to develop more digital products and accelerate hiring, specifically for management positions. Previous funding includes a seed round estimated at $1 million. It is also a graduate of PayPal Singapore’s incubator.

Since graduating the incubator last year, Axinan has partnered with several e-commerce companies, including Indonesian marketplace Tokopedia. Founded in 2016 by Wei Zhu, a former Grab CTO, the firm describes itself as a “full-stack insurance provider” and is looking to develop tailored insurance products for online consumers covering sectors such as e-commerce and online travel.

In its statement, Axinan said: “We believe the best opportunity is to create new products for new distribution channels rather than competing directly with traditional insurance companies. We are building new technology for both the front end as well as backend of insurance pipeline to move fast and efficiently scale.”

Additionally, Axinan provides free return shipping for e-commerce players, using its real-time risk engine to determine the degree the certainty of e-commerce returns, based on information such as user demographics and online shopping behaviour.

Commenting on the investment, Hian Goh, Partner at NSI Ventures, said, “Axinan’s unique data-centric approach to microinsurance is well-placed as digital consumption proliferates alongside increasing connectivity in Southeast Asia. We are very excited to work with Wei and his team to scale and expand across the region.”

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.